According to a recent report by Fact.MR, the relatively new method of integrating magnetic resonance imaging (MRI) with radiation therapy is becoming increasingly popular, with revenues from the MRI-guided radiation therapy systems market topping US$ 220 million in 2018.
The MRI-guided radiation therapy systems market’s remarkable growth potential can be attributed to the growing adoption of innovative technologies in cancer diagnosis and treatment, as well as a growing focus on patient-centric care. MRI-guided radiation therapy systems are in high demand due to the growing use of irradiation in cancer treatment. Through 2028, the market for MRI-guided radiation therapy systems is expected to grow at a CAGR of around 20%.
What are the MRI-Guided Radiation Therapy Systems Market’s Key Growth Drivers?
Because of their relative advantages over linear accelerators, MRI-guided radiation therapy devices are becoming an increasingly important aspect of cancer treatment (Linac). Leading market players attend conferences, exhibits, and trade fairs to improve their product positioning and increase lucrative sales.
Favorable payment policies for cancer care continue to push adoption of MRI-guided radiation therapy systems across hospitals and radiotherapy facilities, allowing patients to have better access to highly efficient radiation therapy systems.
As next-generation technologies become more widely adopted, additional features such as real-time monitoring are being added to products, improving efficiency and precision while lowering the margin of error in cancer therapy.
What are the Market’s Major Challenges for MRI-Guided Radiation Therapy Systems?
Recent technological improvements and the increased efficacy of alternative cancer therapies may reduce demand for MRI-guided radiation therapy systems.
Strict government rules and standards are anticipated to have an impact on manufacturers’ key initiatives in the MRI-guided radiation therapy systems market, delaying the product’s release.
The use of MRI-guided radiation treatment systems in hospitals, research institutions, and radiation therapy facilities will be limited due to a scarcity of experienced workers in the healthcare industry, particularly in developing countries.